MEDSiS International, a U.S. based identity management and financial services company, announced a new partnership with WTIA (World Token Issuing Alliance). This partnership is responsible for identifying, registering, and banking more than 6.8 million individuals that belong to SUPOFEPRA (a union dedicated to providing services to individuals in the merchant and trade industry) throughout Argentina.
This contract with SUPOFEPRA was executed with the express intent of using technology to register each union member with biometrics and blockchain based ID management. Once registered, the monthly union dues and payment services required for the daily operations of each union member would be digitized using a mobile banking platform. This would link to a payment card and could be accessible through biometric portals or participating banks or agencies. This move to the adaptation of a new digital currency is expected to result in large-scale job creation in Argentina.
The collaboration on the SUPOFEPRA contract is based on it being one of the first of its kind where a government backed contract will provide those newly banked individuals the tools and access to participate in this proprietary cryptocurrency (stablecoin) and global banking platform. “Maxwell”, MEDSiS’ cryptocurrency is one area where WTIA plays a significant role in this collaboration. WTIA’s expertise in the field of cryptocurrency and blockchain have positioned them to launch their own regulated exchange with an ability to lower transactional costs of the merchants, while improving the speed, efficiency, and accuracy of transactions. WTIA’s platform also has the ability to complete transactions under one second and is able to scale to more than 20,000 transactions per second, which is leaps and bounds ahead of the competition.
WTIA Chairman, Keun Young Kim, highlighted the potential impact of this move, “With the issuance of this stablecoin, about 15% of the total population of 45 million people in Argentina will be able to use it conveniently without the need for a physical bank account.”
SOURCE MEDSiS International